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麦格理:维持中国旺旺(00151)“跑赢大市”评级 目标价降至6.4港元

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麦格理发布报告称,维持中国旺旺(00151)“跑赢大市”评级,将2024至2026财年的净利润预测分别下调1.6%、1.4%、1.3%,因零食去库存化导致销售增长放缓,目标价由6.5港元轻微下调2%至6.4港元。

该行预计,中国旺旺2024财年下半年收入同比增长3%,营业利润和纯利分别同比增长19%和25%,以反映投入成本利好因素。在全脂奶粉价格双位数下跌的情况下,预计公司截至今年3月底止2024财年下半年毛利率将加速扩张,营业利润和纯利将实现双位数的同比增长。由于该公司积极偿还美元债务以优化债务结构,因此没有宣布派发中期股息。

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